Pain across the board The covid-19 crisis has dished out equal treatment – hitting all types of sectors hard. The subject of the chart above is the CLO market, but it makes a point that is equally valid for the private debt universe. Not only have prospects for company default risen sharply in the wake…
What’s been described as “massive” new issuance in the high-yield market led to the most deal volume for May ($48 billion) since 2003, according LevFin Insight’s Matt Fuller. As our Chart of the Week depicts, cash inflows to bond funds totaled over $35 billion in the past nine weeks. That includes the top three weekly […]
Average EBITDA Adjustment Cap for Synergies & Cost Savings Contact: Steven Miller
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
We continue our special series on high-yield bonds with a look at more deals in the market, with our tour guide, Matt Fuller of LevFin Insights. Northwest Fiber came out with a loan/bond buyout of Frontier Communication assets. This could grease the skids for other regular-way LBOs. Another flagship deal was for Viking Cruises (B-/B1). […]
Only 27 exits in April We’re starting to see the true effects of the pandemic show up in the data. In an upcoming PitchBook collaboration with RSM, exit volume fell 73%, to just 27 transactions, between January and April. May will see similar volume or lower…. Subscribe to Read MoreAlready a member? Log in here...
Beginning in March 2020 The Lead Left published a series of articles on Covid-19 and the market. This report consolidates those articles.
Middle market lenders weigh in on the percent of issuers that will miss P&I in June? Now that we are in June, middle market lenders are highly focused on how issuers will react at the June 30th principal and interest payment date. While making P&I payments at March was a very stressful experience for many,…
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…